17 money facts for 2017

One twelfth of 2017 is over already! I don’t know where the time has gone. I really believe that 2017 is going to be the year I get on top of my finances once and for all. I set up ibeatdebt.com to help you manage your money too. With that in mind, I have pulled together the 17 things you need to know about money in 2017.

  1. In April, the National Minimum Wage will go up to £7.50 per hour (if you are 25 or over). If you are under that age, check out the ACAS website for your rate of pay.
  2. The tax free allowance will also go up in April, from £11,000 to £11,500. This gives you an extra £500 before you need to start paying tax. Check the gov.uk website for more information.
  3. If you are auto-enrolled into a workplace pension scheme, currently the amount your employer has to put in is 1%, but this will go up again next year. Again the gov.uk website has some really great information about this.
  4. Experian and Clear Score now offer you access to your credit report for free – for life! Keeping an eye on it and making sure any errors are corrected can help you long term financially.
  5. The budget in Spring 2017 (Wednesday 8th March) is going to be the last one held in the Spring. Going forward we will just have one in the Autumn.
  6. Should you have to declare yourself bankrupt, from this year the process is a lot easier, and cheaper. The BBC website has more information. Before you do anything this drastic I would recommend getting debt advice. Read my post about how it has changed my life.
  7. There are such things as completely fee free bank accounts. These can be helpful for people with a poor credit history, but also to ensure you don’t accidentally incur charges.
  8. You can make money just by switching your bank account! Easy free money – yes please!
  9. Applying for a credit card (or other financial products) leaves a footprint on your credit report. This in turn can impact your prospects of getting future financial products. Money Saving Expert have put together a great tool that will tell you if you are likely to be eligible for various products before applying for them. It does this with a soft search which won’t impact your credit.
  10. New rules on stamp duty (the land tax you pay on a purchase of property) is increasing this year – but only for buy to let and second homes. The changes in the past few years made it a lot more affordable for first time buyers and movers who don’t have a second home though.
  11. After the wonderful new £5 notes last year, this year we are getting new £1 coins in March and new polymer £10 notes from the Summer.
  12. Everyone can access free and impartial money advice through the Money Advice Service.
  13. As utility companies start to charge more, you can quickly and easily switch by checking sites such as uswitch – I did last year and will save over £100 just on my gas and electricity this year.
  14. I will always shop around before paying full price. I love voucher and coupon sites such as Voucher Code and will always have a hunt online for a promotional code before purchasing. There always seems to be one for my favourite pizza chains for example.
  15. Another way to save money on your purchases is by using cashback sites. Check out my blog post about how I use them.
  16. There are 191 currencies in use in the world – so make sure you check before you travel! The US $ is by far the most widely accepted though so this is usually a safe bet.
  17. Money is really important – we need it to keep a roof over our heads, and food in our stomachs. Don’t forget though that money isn’t everything! It really can’t buy you happiness so don’t let it take over your life!

2 thoughts on “17 money facts for 2017

Leave a Reply

Your email address will not be published. Required fields are marked *